The Indian stock market is likely to begin the session on a steady to slightly positive footing, extending momentum after two consecutive days of gains supported by continued strength in banking, financials, energy, pharma, and select IT stocks amid improving sentiment. However, some near-term caution persists due to selective profit booking in richly valued segments and mixed global signals. As a result, the market may remain range-bound in the absence of fresh triggers, with clearer direction expected only from sustained earnings momentum or improved global stability.

Nifty 50

Nifty 50 has decisively reclaimed and sustained above its key moving averages 20, 50, 100, and 200-day, indicating improving short-term strength and scope for gradual upside continuation. Immediate support is placed in the 25,600–25,550 zone, which coincides with recent swing pivots and serves as a crucial near-term base; holding above this range keeps the current structure constructive. On the upside, resistance is positioned around 25,750–25,800, and a sustained breakout above this band could accelerate momentum toward the 25,900–26,000 zone, where psychological resistance and call-writing interest may limit gains. Momentum indicators are showing signs of improvement, with RSI near 52 suggesting a neutral-to-bullish bias, while MACD has generated a positive crossover following the recent correction. Overall, the technical configuration reflects a positive reversal setup with mild upside potential in the near term.

Bank Nifty

Bank Nifty continues to exhibit strong relative outperformance, sustained leadership from private sector banks, along with renewed traction in select PSU banks, is supporting the index’s march toward record levels. Immediate support is seen in the 60,900–60,600 zone, which aligns with the prior breakout area and trendline support, making it a crucial demand cluster. On the upside, resistance is placed around 61,300–61,400; a decisive breakout above this band could extend the rally toward 61,800–62,000 in the near term. The overall structure remains decisively bullish, marked by a pattern of higher highs and higher lows, while the RSI near 62 reflects strong yet sustainable momentum without signaling overbought conditions. As long as the index holds above 60,600, the bias remains firmly positive with scope for continued outperformance versus the broader market.